Peter B. Stewart (front), one of the founders of Dallas’ Thanks-Giving Square, his son Peter Stewart (left) and Jimmy Archie of Realty Capital Management support the transformation of the land into a pedestrian-oriented development.

FLOWER MOUND — Peter P. Stewart was dove hunting with friends more than 40 years ago when he first trod the woods and farmland along Grapevine Lake’s eastern shore.

He was impressed by the natural beauty of the landscape and the dramatic sunsets reflected on the water.

“That’s what started it off,” he reminisced Friday, as he walked along a crest of a hill overlooking the lake where he and his family now own 155 acres known as Lakeside DFW.

At age 92, Stewart, one of the founders of Dallas’ Thanks-Giving Square, hopes to see the property begin to transform into a pedestrian-oriented, mixed-use development.

The Flower Mound Town Council is scheduled to vote Monday on the project designed to provide a mix of retail space, offices and residences linked by trails, parks and public amenities.

The proposed project has drawn supporters and critics who agree that Lakeside DFW could change Flower Mound. But they disagree over whether it will be for the better or the worse.

Supporters say it will bring more shopping, dining and housing options for residents, add to the tax base and create a unique gathering area.

Carol Kohankie, who has lived in Flower Mound for more than 30 years, said Lakeside DFW would bring a first-class project to the town’s underdeveloped southern border.

“Over the years, we’ve wanted and requested high-end restaurants … we’ve gotten second-tier,” Kohankie said at the Nov. 12 meeting of the Planning and Zoning Commission, which recommended approval of mixed-use zoning.

Officials with Realty Capital Management, developers of the property, say the built-out $750 million project would generate annual tax revenue totaling $5 million to $6 million for the town and $10 million for the Lewisville school district.

It could take 10 to 15 years to complete all phases.

But some residents are concerned about the residential density and the impact of 25-story towers. They also fear the ambitious plan will never fully materialize and the town will be left with a glut of apartments, traffic and crowded schools.

If the project fails, “we’ll get Lakeside apartments instead of Lakeside dining and shopping,” resident Kevin Lewis told the commissioners.

A study commissioned by the town found that multifamily structures, gas stations, grocery stores and single-family homes are the most likely market opportunities at the site.

“Commercial uses will likely lag these others somewhat and, considering the project’s ‘in between’ location, may struggle without a sense of ‘destination’ and ‘place’,” stated the report done by Market Feasibility Advisors, LLC, in partnership with Gateway Planning.

Jimmy Archie, managing director of Realty Capital Management, acknowledges that the site lacks frontage on a major highway or access to a commuter railway like other area mixed-use projects.

But he said the site offers other assets: a quick commute to Dallas/Fort Worth International Airport; access to FM2499, an improved arterial roadway; and, of course, a million-dollar view.

“What all these other developments don’t have is the lake,” Archie said.

A year ago, he said, Flower Mound residents were asked to help create a concept plan for the project.

Public meetings and surveys revealed that residents wanted a place that would provide lake view dining, sites where they could enjoy the scenic vistas, and ample trails for walking and biking.

Archie said that’s when public amenities were added to the project: a boardwalk, observation deck and a 1,000-seat amphitheater overlooking the lake.

Mayor Tom Hayden said he believes that most residents support the project.

But, he added, town officials share concerns voiced by critics and are trying to address them in a development agreement that will be part of the package the council will vote on Monday.

According to the agreement that was released late Friday afternoon:

No building permits will be issued for any multifamily structures before permits for four commercial buildings at the entrance to the project at FM2499 and Lakeside Parkway.

Construction of the amphitheater, boardwalk and observation deck is tied to permits for residential development.

Mayor Pro Tem Kendra Stephenson, who served as a council liaison on the project, said she feels the agreement addresses the concerns of residents.

“We all feel strongly about protecting residents and making sure this development comes to fruition,” Stephenson said.